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THE STATE
BANK OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence– Freedom – Happiness
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No.:
01/2013/TT-NHNN
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Hanoi, January
07, 2013
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CIRCULAR
AMENDING
AND SUPPLEMENTING A NUMBER OF ARTICLES IN CIRCULAR NO. 21/2012/TT-NHNN, OF JUNE
18, 2012 OF THE GOVERNOR OF THE STATE BANK REGULATING ON ACTIVITIES OF LENDING,
BORROWING; PURCHASE AND SALE WITH TERM OF VALUABLE PAPERS AMONG CREDIT
INSTITUTIONS AND BRANCHES OF FOREIGN BANKS
Pursuant to the Law on the State
bank of Vietnam No.46/2010/QH12, of June 16, 2010;
Pursuant to the Law on credit
institutions No.47/2010/QH12, of June 16, 2010;
Pursuant to the Government’s Decree
No.96/2008/ND-CP, of August 26, 2008, defining the functions, tasks, powers and
organizational structure of the State bank of Vietnam;
At the proposal of Director of
Credit Department;
The Governor of the State bank of
Vietnam amends and supplements a number of articles of the Circular No.
21/2012/TT-NHNN, of June 18, 2012, regulating on activities of lending,
borrowing; purchase and sale with term of valuable papers among credit
institutions and branches of foreign banks (hereinafter referred to as Circular
21),
Article 1. To amend and supplement
a number of articles of the Circular 21:
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"Article 1. Scope of
regulation
1. This Circular provides for
activities of lending, borrowing; purchase and sale with term of valuable
papers among credit institutions and branches of foreign banks.
2. Activities of capital balancing
between cooperative banks with people’s credit funds; activities of lending,
borrowing among people's credit funds; activities of lending, borrowing among
branches in Vietnam of a same foreign bank; Overdraft on payment account among
credit institutions, branches of foreign banks and activities of lending aiming
to ensure solvency of securities transactions on the Stock Exchange between
payment banks selected by State Securities Commission and members of Stock
Depository Center being credit institutions, branches of foreign banks shall
not be adjusted by this Circular."
2. To amend and supplement Article 3
as follows:
a) To amend clause 1 as follows:
“1. Transaction of lending and
borrowing is the transaction in which a credit institution or branch of foreign
bank (the lender) perform handing over or commit to hand over a sum of money
for other credit institution or branch of foreign bank (the borrower) in order
to use with a definite purpose in a definite time with the principle of
repayment of principal and interest.”
b) To supplement clauses 16, 17, 18
as follows:
“16. The extension for loans
means that the lender accepts to prolong a period apart
from the loan duration prescribed in loan contract when the borrower has a
request for prolong time limit of repayment because the borrower has no ability
of punctual payment for all or a part of principal and/or interest and the
lender considers, assesses that the borrower has ability to pay debt in the
extended time.
17. Adjustment of repayment term means the lender and the borrower may agree on change of debt
payment term of principal and/or interest prescribed in the loan contract
on the basis of proposal of the borrower and the lender considers and assesses
that the borrower has ability to pay debt in according to durations agreed for
adjustment by two parties.
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3. To amend and supplement clause 2
Article 4 as follows:
“Apart from conditions specified in
clause 1 this Article, at the time of performing transaction of borrowing,
credit institutions, branches of foreign banks are not permitted to have debts
being overdue from 10 days or more at other credit institutions, branches of
foreign banks, unless they are permitted by the State bank."
4. To amend and supplement clause 3
Article 5 as follows:
“3. Transactions in Vietnam dong
among credit institutions, branches of foreign banks being members of system of
inter-bank electronic payment, must perform payment via that system, except for
the following cases:
a) Transactions do not occur in the
operation time of the system of inter-bank electronic payment;
b) Transactions of remittance for
payment of principal and interest of loans;
c) Transactions of not performing the
principal remittance of loans;
d) Remittance in order to perform
transactions of purchase and sale with term of bonds listed at the Stock
Exchange shall comply with current provisions of law on securities.”
5. To amend and supplement clause 2
Article 6 as follows:
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6. To amend and supplement clause 2,
clause 3 Article 8 as follows:
“2. Performing only at head offices of credit institutions, branches of foreign banks
in Vietnam.
The head offices of credit
institutions shall implement approval, grant of transaction limit, sign
transaction contracts with customers and be permitted to authorize in writing
for branches to implement disbursement, remittance in payment, management of
amounts from lending, borrowing.
3. Taking responsibilities by
themselves for their decision on lending (unless the borrower violates
provisions in clause 2 Article 4 of this Circular) and on borrowing”
7. To amend and supplement Article 9
as follows:
“Article 9. Purpose of lending,
borrowing
Credit institutions, branches of
foreign banks are entitled to perform lending and borrowing from each other to
cover a temporary shortage of compulsory reserves, affordability and ability of
capital business on the basis of capital source balance and capital use,
assurance of business effectiveness and operation safety for Credit
institutions, branches of foreign banks".
8. To amend and supplement Article 10
as follows:
“Article 10. Time limit of lending
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9. To amend and supplement clause 3
Article 15 as follows:
a) To annul the sentence at fourth line.
b) To amend and supplement the sentence
at fifth line as follows:
“- Methods of lending, borrowing”.
c) To supplement to behind of the
sentence at fifth line as follows:
“- Maturity date”.
10. To amend and supplement point c
clause 2 Article 16 as follows:
“To extend the loan; adjust repayment
duration; exempt from interest, adjust interest rate; transfer to overdue
debts".
11. To annul point d clause 2 Article
17.
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“Article 22. Time limit of
purchase and sale
Time limit of purchase and sale with
term of valuable papers among credit institutions, branches of foreign banks is
01 day for minimum and under 01 year for maximum, unless credit institutions
perform purchase with term of valuable papers for financial leasing companies
being subsidiary companies of those credit institutions.”
13. To amend and supplement Article
28 as follows:
a) To amend and supplement the
sentence leading clause 1 as follows:
“1. This Circular takes effect on
September 01, 2012. Credit institutions and branches of foreign banks are
entitled to postpone applicable time of provisions in Article 10 and Article 22
of this Circular for customers being financial leasing companies, consumer
financial companies until the end of June 30, 2013 (credit institutions,
branches of foreign banks are entitled to lend, purchase with term valuable
papers with financial leasing companies, consumer financial companies with term
of 01 year or more until the end of June 30, 2013). The following documents,
regulations are invalid from the effective day of this Circular:”
b) To amend and supplement clause 2
as follows:
“3. Credit institutions, branches of
foreign banks are not allowed to perform the deposit operation and receipt of
deposit (excluding payment deposits and transactions of deposit and receipt of
deposit with the maximum term of 03 months) at other credit institutions,
branches of foreign banks from the date this Circular takes effect. Deposit and
receipt of deposit with the maximum term of 03 months among credit
institutions, branches of foreign banks must comply with the regulations:
a) To have to have internal
regulations on professional activity process, risk management process for
activities of deposit and receipt of deposit (including provisions on customer
credit rating, process defining deposit limit, process performing transactions
of deposit, receipt of deposit) which ensure safety and proper with regulation.
b) At time of performing transaction
of receipt of deposit, credit institutions, branches of foreign banks are not
permitted to have debts being overdue from 10 days or more at other credit
institutions, branches of foreign banks, unless they are permitted by the
Governor of State bank.
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The head offices of credit
institutions shall implement approval, grant of deposit limit, sign transaction
contracts with customers and be permitted to authorize in writing for branches
to implement consignment and receipt of payment, management of amounts from
deposit.
d) Remittance for implementation of
deposit transactions with term in Vietnam dong (except transactions of paying
back deposit and interest of deposit) among credit institutions, branches of
foreign banks being members of system of inter-bank electronic payment, must
perform payment via that system, unless these transactions are performed in
time which the system of inter-bank electronic payment does not operate.
e) Credit institutions, branches of
foreign banks are entitled to consider agreements of application of methods of
deposit operation and receipt of deposit for each times, in according to the
limit level or other methods which ensure that transactions are performed
safely, effectively and properly with provisions of current law.
c) To amend clause 4 as follows:
“4. The transactions that are
performed before the date this Circular takes effect on the basis of contracts
of lending, borrowing, purchase and sale with term of the valuable papers and
contracts of deposit and receipt of deposit that have been signed among the
credit institutions and branches of foreign banks, the credit institutions and
branches of foreign banks will comply with the agreements as signed. For
transactions of deposit and receipt of deposit which are expired after the
effective day of this Circular, if being considered for extension, the maximum
extended time shall be 03 months.”
Article 2. Effectiveness
1. This Circular takes effect on January
07, 2013
2. The Chief of officer, Director of
Credit Department, Heads of relevant units under the State Bank, Director of
State Bank branches in central-affiliated cities and provinces, Chairman of the
Board of Directors, Chairman of Member Board, and the Directors General
(Directors) of the credit institutions and branches of foreign banks are liable
to implement this Circular.
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PP. GOVERNOR
DEPUTY GOVERNOR
Nguyen Dong Tien